Tokenized FTX declare is used as collateral for a mortgage

A creditor of now-bankrupted crypto alternate FTX pledged a declare as collateral for a mortgage within the decentralized finance (DeFi) protocol Arcade. The transaction was the primary on-chain mortgage backed by an FTX declare, in response to the chapter claims platform Discovered.

The $31,307 declare was tokenized, and its possession was represented by a nonfungible token (NFT). On June 23, the NFT was used as collateral for a $7,500 mortgage to be repaid in 5 days. Within the occasion of a cost default, the lender is entitled to the declare.

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